Question
Loan amortization and EAR You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over
Loan amortization and EAR You want to buy a car, and a local bank will lend you $35,000. The loan will be fully amortized over 5 years (60 months), and the nominal interest rate will be 11% with interest paid monthly. What will be the monthly loan payment? Round your answer to the nearest cent. $ What will be the loan's EAR? Round your answer to two decimal places.
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Performance Measurement In Finance
Authors: John Knight, Stephen Satchell, Nathalie Farah
1st Edition
0750650265, 978-0750650267
